CVNA - Why Carvana Stock Slumped by as Much as 16.6% This Week
2023-04-07 12:32:57 ET
Shares of Carvana (NYSE: CVNA) sank by as much as 16.6% this week, according to data from S&P Global Market Intelligence . A report from Bloomberg News said the company's large group of debtholders would prefer the company file for bankruptcy, which would be terrible news for shareholders of the common stock. As of this writing, shares of Carvana are down 8% this week and off a whopping 98% from all-time highs.
Here's what the future may hold for the struggling online used car marketplace.
Carvana's stock boomed by more than 1,000% during the pandemic bull market (or, as some might call it, the bubble). Customers were flocking to the used car website, driven by Carvana's intuitive buying and selling processes. What's more, with used car prices soaring due to supply chain shortages, Carvana was earning extra profits when it bought a car from one individual and sold it to another a few months later on its marketplace.
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Why Carvana Stock Slumped by as Much as 16.6% This Week